The Target Launching Car No. 3470 was produced between 1962 and 1964. An inflated target balloon would hover about an inch above the car by activating a blower motor as it moved on the track. If the car moved without the motor operating then the balloon would blow away.

Rather than produce a new mold for this car, Lionel used mold No. 5611-2 for the chassis and then punched a hole in the car for the motor, and two slots at the ends to hold the superstructure. The car was usually molded in DARK NAVY BLUE plastic with no writing printed on the sides. It is usually found with AAR trucks with operating disc couplers. However, examples exist with only one disc coupler and the other one is the solid non-operating type. These were most likely used in budget and uncataloged sets.

Power to the blower motor was supplied by two D Cell batteries that were held inside the superstructure. These batteries were connected in series. When the red switch on the top was turned 90 degrees it would separate the batteries to disconnect the motor from the circuit. The writing on the superstructure was done with a heat-stamp in RED san-serif lettering.

This car came with an envelope labeled "ASSEM. NO. 3470-20." This envelope contained four balloon targets and an Instruction Sheet. The original balloons were YELLOW with a Lionel "L" inside concentric rings printed in RED on them. Today, these balloons have deteriorated to the point where, even if they were never used, they have been reduced to their component molecules which usually looks like a gooey slop. Reproduction balloons are available.

This car was issued in an ORANGE picture box, but some have been found in ORANGE clear cellophane front boxes that Lionel used here to deplete their old inventory.

There are six variations:

Variation A: DARK NAVY BLUE car that has a CLEAR plastic nozzle.

Variation B: Identical to Variation A except has a RED plastic nozzle.

Variation C: Identical to Variation A except has a LIGHT GRAY plastic nozzle.

Variation D: Identical to Variation A except has a BLACK plastic nozzle.

Variation E: LIGHT BLUE car similar to what was used on No. 3409 and No. 3410 helicopter cars. Most likely produced in 1963.

Variation F: Has heat-stamped MAROON writing on the superstructure instead of the normally found RED color.